We have started this website to share with you what we’ve done, and what we’re doing to achieve independence, that will allow us to retire before we’re 60. But we are not experts, nor will we ever claim to be. Even the hosts of the numerous podcasts we listen to don’t make that claim.
We have all made mistakes with our money, and we’re here to learn together, what we did to overcome them, and hope you will learn from our mistakes and share the information with the younger generation.
I’ve made a lot of money mistakes and can easily see how, if I hadn’t made these mistakes, things would have been very different.
1: College
I did not prepare for and go to college right after high school. I feel that if I had gone, I might have had a better career that would have provided better support for my daughter.
Even now, as a woman in my mid-40’s, it’s hard to find a “career” without a degree of some kind. I literally have to settle for something that I have experience in or is ground floor, and those don’t pay.
The low/middle income is not helping speed up our FI journey at all.
2: Priorities
My priorities were completely out of whack when I was young and married. My ex-husband and I had our house given to us, free and clear of any mortgage. But we had to have new cars and pets that drained our bank account and made it hard to make it to each paycheck.
So, we took out a mortgage to pay off some credit card debt and a car. We were so naive, that we were actually excited when the mortgage company gave us 13k extra for “fun money.” We didn’t know that the extra would put our payment higher than we could afford, and continue to make day to day difficult.
3: Savings
I had the opportunity to save a lot of money when I lived with a boyfriend for four or five years. He made a significant amount more than I did, but I didn’t think about saving at that time. He made his money, and he spent it. It was his money.
But I quickly learned the same habits. The more I had after he paid for everything, the more I spent. We took vacations and never went without anything fun, including getaway concerts and many expensive tattoos. I continuously bought things that I didn’t need. Including, leasing a brand new SUV.
4: Leasing a new car
Yes, the car is wonderful, gets great gas mileage, has four-wheel drive, and is super cute, but I didn’t need it. The payments were small at the time but little did I know that when it came time to give it back, I had to refinance it with zero down, inevitably doubling my payment amount… for six years!
DUMB!!
I had no idea that I should have been depositing the difference of that payment in a bank account, so I would have a down payment when it came time to give it back or refinance it.
5: Blowing Settlement
Last but not least… After suffering an injury at work, I was paid a decent-sized settlement. I feel like I basically partied with it. Yes, I paid off a credit card or two, paid off Bob’s car, which resulted in him taking over my car payments, and bought two of our daughter’s more reliable, used cars. But then I booked three really great vacations.
Needless to say, I went through that money really quickly and didn’t invest any of it into savings. DUMB!!
2 Comments
Ben Reeder · March 12, 2020 at 8:59 pm
Thanks for opening up and sharing your story. Being in my early 40s and just starting this journey, it’s inspiring to hear others who are making progress. It’s never too late to find your path. Good luck!
noble36131 · March 13, 2020 at 5:54 am
Thank you for your kind comment. I’m happy to see more people our age in the community. It’s very nice to meet you.
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